BF Borgers’ dismissal arrived on the same day that the Securities and Exchange Commission charged the firm and its owner Benjamin F. Borgers with “deliberate and systematic failures” in more than 1…
FILE – Pedestrians walk past the Nasdaq building as the stock price of Trump Media & Technology Group Corp. is displayed on screens, March 26, 2024, in New York. On Friday, May 3, Trump Media and Technology Group, the owner of social networking site Truth Social, fired BF Borgers, an auditor that federal regulators recently charged with “massive fraud.
The charges, which include failing to abide by accounting rules and fabricating documentation to cover up its shortcomings, do not involve any work that BF Borgers performed for Trump Media. To settle the charges, BF Borgers and Borgers agreed to pay a combined $14 million in civil penalties as well as permanent suspensions effective immediately, set to prevent them from handling SEC-related matters as accountants.National Politics |BF Borgers’ time with Trump Media was brief.
In its regulatory filing, Trump Media said that “the decision to change independent registered public accounting firms was made with the recommendation and approval of the Audit Committee of the Company.” The Associated Press reached out to the company for further comment Monday, including on whether Semple, Marchal & Cooper would review BF Borgers’ previous work for Trump Media.
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